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What are the Benefits of Mobile Payments in the Automotive Industry?

by MARK ALFRED

September 03, 2020

Mobile Payments in the Automotive Industry

Money has evolved over the years – barter system, coins and paper, plastic (debit/ credit cards), and now phones. The advancement of technology has transformed the shopping experience and soon cash and plastic money will be replaced with mobile payment hence saving customers time and energy.

The trend of mobile payments through mobile apps has helped the automobile industry increase its sales and create a loyal customer base by keeping their customers informed about upcoming promotional offers and exclusive deals, rewards points, along with notification for reminding them of their upcoming services and mobile payment options for the services.

How can Mobile Payments Benefit Your Auto Shop?

  1. Enables Customer Convenience
  2. Mobile payments support contactless payment through smartphones hence, expedites the checkout process and improves the efficiency in the shop process. Customers can review the invoice and then make payment via the app once the payment has been made the shop will receive notification that the payment is complete. This engagement allows a meaningful and fulfilling process with your customer, increased conversations means turning these customers into loyal brand supporters.

  3. Integrate Promotions & Loyalty
  4. As customer information is already stored in the app, automotive business owners can easily integrate loyalty and reward programs. You can easily send promotional coupons when promoting a product or service which will drive additional traffic to your business, customers love to receive offers which will save them money or time which they can easily take advantage of.

    Related Article:- Top 10 Automotive Industry Trends in 2020 [Updated]

  5. Effective Data Analytics
  6. Mobile payment adds to the data-set giving you insights about your customer’s transactional behaviors with your brand. You can monitor how frequently the customer has been to your shop and what their average invoice repair order is. All this data gives you an edge to retarget your customers based on their shopping behavior, demands, patterns, hence improving your customer service and ultimately increasing your sales.

  7. Sync with the Garage
  8. By using a workshop management system in your shop which is effectively your control centre that you use to manage your day to day tasks, its super important that things work right from the booking stage all the way through to the payment and beyond. Which is why 5iQ mobile app sync seamlessly back in with the shop management system with minimal attention required delivering automation and saving you time to focus on other important tasks.

  9. Paperless Transactions
  10. 5iQ Customer App, allows you to offer mobile payment facilities to your customers, which you can provide along with your other digital shop technology. This paperless payment facility during this pandemic time has proven to be one of the safest and preferred modes of transacting. Additionally, it will benefit your customers as they can easily store their own records which they can access at any time. Customers are leading digital lives now and increasingly more are following so it’s important to be digital ready to meet their needs.

  11. Have Wider Appeal
  12. As people are getting accustomed to the digital way of payment or comfortable using the digital wallet and prefer mobile payment as a standard norm, facilitating them with the same will make the difference between selecting one business over the other. Early adopters of mobile payment facilities have been spending double than the customers paying with the alternate payment method.

    Related Article:- Why Is a Mobile App Necessary For Your Automotive Business?

Increase in Demand for Contactless Payments

The demand for contactless payments is increasing, and Mobile Payment has become the need of the hour. Altering your automotive showroom or garage capabilities is the smartest way to ensure your brand is not left behind. Adopting the mobile payment facility in the automotive industry allows you to compete and stand among other businesses, regardless of their size, and offer enhanced customer experience.

A study reveals that mobile wallet users generally spend higher compared to those who prefer other payment methods. Loyalty programs also motivate consumers to choose your service, making sure you have repeat business, which will improve your revenue.

Key Takeaways

The above advantages of mobile payments in the automotive industry will surely motivate you to implement one. 5iQ customer app focused on the Automobile industry provides a comfortable, convenient, and secure way of making online payments. Feel free to reach out to us for more details regarding garage software apps.